Probate is the process of providing a Surrogate’s court with evidence to uphold the validity of the deceased person’s Last Will. Once the Will is validated, and probate is completed, the court will oversee the process of the estate distribution. Additionally, the probate process is complicated, and people often try to avoid it.
Here are the top four reasons why everyone hates the probate process.
- It Is Time Consuming
The probate process takes a very long time to be completed. In New York, it takes an average of 15 months, and until the probate is completed, no one can have access to the deceased person’s estate. This is a disadvantage for most people especially due to the financial burden of taking on additional expenses such as funeral bills, final estate tax fees, attorney fees and many other expenses to maintain the estate of the deceased.
- A Probate Judge Can Get In The Way
During probate, the Surrogate’s Court must approve every aspect of the deceased person’s estate, including the decision about the deceased person’s business and real estate, or dealing with assets that have small or no value. All of this could significantly delay the probate process and, therefore, impact the petitioner’s financial situation.
- Probate Can Be Costly
Courts are continuing to increase their probate filing fees. This is due to the courts trying to find funding and raise revenue. Each state’s probate filing fees vary. In New York, probate filing fees can range from $45 to $1,250. Such fees are being charged just to file the initial probate petition. Additional fees can be added to this amount as probate process continues.
- Probate Is A Public Process
Once filed, each probate proceeding becomes public record. Almost anyone can see the deceased person’s assets, debts, and to whom the estate was distributed. This can open the petitioner or beneficiaries of the estate for all sorts of burglaries and scams.
We, at Law Office of Inna Fershteyn, can provide you with expert opinion in connection with any aspects of estate planning. Contact us today for assistance with filing probate petition or planning your estate. Call us at (718) 333-2394 or visit our website at BrooklynTrustandWill.com.